Please help me or tell me if I am doing the right thing

Feeling_worried_2

Hi

Basically I am in £30,000 worth of debt....Loans , overdraft , credit card.

Basically I started to get in trouble and asked lloyds to reduce my loan repayment or a payment holiday , I had never been in trouble for over 3 years and never missed a payment. They refused to reduce it or anything and told me I would have to use my overdaft , which I did and it just worsended the overall debt.

Anyway this was about 4 years ago , I tried writing to them offering token payments and they ignored it. I left it and buried my head in the sand as I just couldnt deal with it anymore.

Im now a little bit older and getting married in july , so I thought its time to get a grip and sort my debts out. I phoned the CAB and he has told me to go bankrupt , I have a meeting with him on monday and he said he will go through everything with me and my options.

Im scared of going bankrupt to be honest but even my partner said it may be for the best , A new start so to speak...I need it , iv'e had a tough couple of years and I just want a fresh start.

I dont own my own house , My partner owns our house and its all in her name. I'm currently un-employed also and am just getting back in to work now after being a stay at home dad for our two daughters. I was going to start my own business but I am aware I cannot do this if I go bankrupt.

Is going bankrupt really the answer?

Please someone offer some sane advice as this is a big step for me and a life changing one.

Would all my debt be wiped if I go bankrupt?
Would I be bankrupt for 1 year? can it be less than that.

Thanks in advance

dojoman

Feeling_worried wrote: »

Hi

Basically I am in £30,000 worth of debt....Loans , overdraft , credit card.

Basically I started to get in trouble and asked lloyds to reduce my loan repayment or a payment holiday , I had never been in trouble for over 3 years and never missed a payment. They refused to reduce it or anything and told me I would have to use my overdaft , which I did and it just worsended the overall debt.

Anyway this was about 4 years ago , I tried writing to them offering token payments and they ignored it. I left it and buried my head in the sand as I just couldnt deal with it anymore.

Im now a little bit older and getting married in july , so I thought its time to get a grip and sort my debts out. I phoned the CAB and he has told me to go bankrupt , I have a meeting with him on monday and he said he will go through everything with me and my options.

Im scared of going bankrupt to be honest but even my partner said it may be for the best , A new start so to speak...I need it , iv'e had a tough couple of years and I just want a fresh start.

I dont own my own house , My partner owns our house and its all in her name. I'm currently un-employed also and am just getting back in to work now after being a stay at home dad for our two daughters. I was going to start my own business but I am aware I cannot do this if I go bankrupt.

Is going bankrupt really the answer?

Please someone offer some sane advice as this is a big step for me and a life changing one.

Would all my debt be wiped if I go bankrupt? Yes
Would I be bankrupt for 1 year? can it be less than that. Yes, and possibly yes but not always.

Thanks in advance

BR is a big step and should only be used as a last resort, as long as you seek advice (which you are doing) and go in to with your eyes open, it is not the end of the world. The final decision has to be yours, but just ask as many questions as you need and someone will always be around to help/advise.

Feeling_worried_2

I know it sounds like the right thing to do , I suppose its just the initial wory of it all.

I wouldnt want anyone I know knowing about it either.

philnicandamy

I'll echo what dojo said...your doing the BEST thing and firstly getting some professional advice...bankruptcy is a last resort & will screw up any future credit for years to come and can effect certain jobs (mainly financial) BUT if the CAB advisor says its an option it's not the end of the world...its a scary thought but things can be a little easier with the help & support of the guys here.

Dont worry about people knowing...its not in any of the local newspapers now the only people who will know are the people you tell (apart from us!)...from my experiance cccs suggested bankruptcy as an option 3yrs ago & I changed my mind a number of times but in the end had no choice...and i'm glad I did

Feeling_worried_2

philnicandamy wrote: »

I'll echo what dojo said...your doing the BEST thing and firstly getting some professional advice...bankruptcy is a last resort & will screw up any future credit for years to come and can effect certain jobs (mainly financial) BUT if the CAB advisor says its an option it's not the end of the world...its a scary thought but things can be a little easier with the help & support of the guys here.

Dont worry about people knowing...its not in any of the local newspapers now the only people who will know are the people you tell (apart from us!)...from my experiance cccs suggested bankruptcy as an option 3yrs ago & I changed my mind a number of times but in the end had no choice...and i'm glad I did

The CAB advisor seemed pretty convinced it was the best idea. I did consider a lump sum offer on the debt but he said they would probably only accept 40-50% of what I owe and I could never raise that amount. I suppose I was hoping he would say 10% £3000 but even that then would be a stretch.

I feel pretty useless at the minute and cant belive its come to this. I was stupid when I was younger and ripped off by people I trusted.

philnicandamy

You and everyone here as well....we all have a story about how we came to bankruptcy as an option to sort our debt problems..one thing different though we're all glad we did!

if anything you deserve a pat on the back for starting on the road to tackling your debt crisis

Feeling_worried_2

philnicandamy wrote: »

You and everyone here as well....we all have a story about how we came to bankruptcy as an option to sort our debt problems..one thing different though we're all glad we did!

if anything you deserve a pat on the back for starting on the road to tackling your debt crisis

Its all a learning curve in life

Im just glad my partner wont be effected by this now or after were married , I was worried her owning a house may have to go towards my debt or something. But the CAB person assured me that she wont be effected as its just my debt.

Feeling_worried_2

philnicandamy wrote: »

if anything you deserve a pat on the back for starting on the road to tackling your debt crisis

No way , I'm ashsmed of myself but at the same time I am digusted with lloyds and what they did to me. My debt yes , But they were disgraceful in how they treated me.

philnicandamy

That feeling will pass with time.....you have NOTHING to be ashamed of no matter what you think..I felt the same 3yrs ago but banks will be banks & if anything it's them that should be apologising

Feeling_worried_2

philnicandamy wrote: »

That feeling will pass with time.....you have NOTHING to be ashamed of no matter what you think..I felt the same 3yrs ago but banks will be banks & if anything it's them that should be apologising

They did apoligise about a year after , apparently the person who told me nothing could be done and I had to use my overdraft was "new and a trainee" , Still though , they did nothing to help me and ignored my requests in writing after payments had been missed.

Another thing was they said I had to miss 3 payments before they would help me aswell , which I did. God was I stupid or what!!!!!!!

Feeling_worried_2

Would I be forced to sell personal belongings? would someone come in the house to assess what I have or take anything away?